Assume a company paid $800 for a computer that it plans to sell to its customers. Suppose that as a result of new technology the company could buy the same computer today for $600. Which of the following journal entries would be required to show the inventory at the lower of cost or market?

a.
Account Titles Debit Credit
Inventory 600
Cost of Goods Sold 600

b.
Account Titles Debit Credit
Cost of Goods Sold 600
Inventory 600

c.
Account Titles Debit Credit
Inventory 200
Cost of Goods Sold 200

d.
Account Titles Debit Credit
Cost of Goods Sold 200
Inventory 200

C.

Account Titles Debit Credit

Inventory 200

Cost of Goods Sold 200.

Explanation: Cost of goods sold(COGS) is the total amount spent directly to produce the goods which was sold, it can be calculated as follows

COGS = Beginning Inventory + Purchases During the Period – Ending Inventory.

Inventory is a term used to describe materials of value to an organisation that are in different stage such as RAW MATERIALS,WIP(WORK IN PROGRESS) AND FINISHED GOODS.

To show the inventory at the lower of cost or market the journal entry should be entered as follows; Account Titles Debit Credit

Inventory $200

Cost of Goods Sold $200.

The $200 represented the difference between $800 and $600 which is equal to $200. The $200 will be entered as the cost of goods sold.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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